Real Client Success Story: Elaine’s Low Balance Loan
Because Elaine did not owe much on her loan, fewer lenders wanted to work with her, so she was apprehensive. Although there are challenges with low current mortgage balance loans I was able to show her an option that paid off all of her debts. It fixed the loan amount disputes but, more importantly, it also vastly improved her financial position. At first Elaine was very skeptical and even asked that I speak to her son to make sure she made the right decision.
After working through competing offers and making sure that she not only got the best deal, but also the best support and experience throughout the process, Elaine made an informed decision. From the day her loan was submitted to the closing was approximately 15 days. We were so thorough initially that there was not much in addition that underwriting needed so Elaine got to sit back and relax as we forged toward closing.
A loan can only close quickly with a quality team and strong communication. Elaine and our expert Processor, Shannon Pierce did a great job getting documents in record time! At the end of the day, Elaine walked away with a loan that is half the term of her current loan, completely free of consumer debt saving over $500 per month, and with a plan to use those savings to pay off her home in only 4 years. I could not have been happier with the result and there is no doubt in my mind that Elaine felt the same way.
View Elaine’s testimonial here.
Written by: Matt Matheny, Assistant Vice President of Sales at Royal United Mortgage LLC